That looks to be the Chinese Windmill Palm (Trachycarpus fortunei) and that is the head of developing flower buds. It will develop into a large sprays of tiny yellow flowers that will eventually become berries that are blue-black when ripe. You may propagate from the seeds when they are full ripe but that will not be until autumn. This image (http://www.plantshots.com/img19942.htm) shows the open flower sprays.

… I got one at flower market in Loganville. It’s huge now too. I keep trimming the lower palm fronds off. The seed pods are nice. People walk by and ask where I got it from all the time. It was 2 feet tall 4 years ago now its over 7-8 feet.